Announcement from the Board of Directors of Trinco Petroleum Terminal Ltd

The board of directors of the Trinco Petroleum Terminal Pvt. Ltd., the subsidiary company established for the joint development of 61 oil tanks at the Trincomalee Oil Tank Farm by Sri Lanka and India, has been announced.

 

Three days later, the government of Sri Lanka inked a quadripartite agreement on January 06, with India to jointly develop the Trincomalee Oil Tank Farm. It was signed at the Finance Ministry with the Government of Sri Lanka, the Ceylon Petroleum Corporation (CPC), Lanka IOC and the subsidiary company Trinco Petroleum Terminal Pvt. Ltd.

 

As per the 38-page agreement, 61 tanks at the oil storage complex will be jointly developed by the CPC and Lanka IOC as a joint venture. In the subsidiary company named Trinco Petroleum Terminal Pvt. Ltd., established for the joint development of these 61 oil tanks, the CPC retained 51% while Lanka IOC held 49% of the issued shares of the joint venture company.